possible pressure there that it will make it more difficult for you to keep your prices up or stable on the coated woodfree side?

possible pressure there that it will make it more difficult for you to keep your prices up or stable on the coated wood tree side


I just wanted to understand on the refined products guidance for the year.


look, we have begun to see a traction in the market as well as we identified significant number of future opportunities.

look we have begun to see traction in the market as well as we are identifying significant number of future opportunities


what I'll call private infrastructure that is like the investment we already talked about that we made in the Ohio River hydroelectric project

what i'll call private infrastructure that is like the investment we already talked about that we made in the ohio river hydroelectric project


that has several thousand locations representing a significant monthly recurring revenue opportunity.


In addition to the substantial cash flow generated by the business, we have capital available for portfolio purchases

in addition to the substantial cash flow generated by the business we have capital available for portfolio purchases


as customers close production facilities. Our backlog remains strong and continues to support growth.

as customers close production facilities our backlog remains strong and continues to support growth


As we've mentioned in the past, the rate of growth seems likely to slow although we still expect a strong rate of growth.

as we've mentioned in the past the rate of growth seems likely to slow although we still expect a strong rate of growth


And I feel very, very good about the relationship that we have now, and I can't think of anybody in the industry we should be partnering with.

and i feel very very good about the relationship that we have now and i can't think of anybody in the industry we should be partnering with


This will also help us execute a more productive middle-market strategy where we see opportunities for strong growth.

this will also help us execute a more productive middle market strategy where we see opportunity for strong growth


And finally, our Consumer business was up sequentially, above our expectations due to product diversification.

and finally our consumer business was up sequentially above our expectations due to product diversification


it seems like you may be getting a little bit more confident in the longer-term capabilities.


Despite the reduction in the cost of deposits, a large average excess cash position during the quarter

despite the reduction in the cost of deposits a large average excess cash position during the quarter


If we see some clients where we don't like the performance and it's mostly would be on the credit side of things,

if we see some clients where we don't like the performance and it's mostly would be on the credit side of things


In parallel, we've put in place the corporate capabilities required to execute drug development

in parallel we have put in place the corporate capabilities required to execute drug development


Glen will then highlight our key execution milestones and will close with plenty of time for your questions.

glenn will then highlight our key execution milestones and we'll close with plenty of time for your questions


We are already talking to some of them right now actively and the evaluations are in progress, and those things are already happening with some of them.

but we are already talking to some of them right now actively and the evaluations are in progress and those things are already happening with some of them


Was the -- were the bookings in line with your expectations? And maybe, is there any particular areas

was the -- were the bookings in line with your expectations and maybe is there any particular areas


or other activities that we currently don't do, but always on the energy business. I won't start to do

or other activities that we currently don't do but always on the energy business i won't start to do


with a 7 millimeter mercury or greater increase at all time points on all clinic visits.


As we accrue more patients, it will probably be easier and certainly once we've got balance numbers of active and placebo in larger studies,

as we accrue more patients it'll probably be easier and certainly once we've got balance numbers of active and placebo in larger studies


We will update the market on results of the strategic review when we have reached any conclusion.

we will update the market on results of a strategic review when we have reached any conclusion


doing the chartering the way we do chartering for Tata Steel. We are taking a lot more long-term positions on many of these things.

doing the charting the way we do charting for trasa steel we are taking a lot more long-term positions on many of these things


The second vessel will be delivered next week, and we will have full cash flow effect from the vessels in the second quarter.

the second vessel will be delivered next week and we will have the full cash flow effect from the vessels in the second quarter


came in at 80.4 million shares or approximately 1 million shares lower than in the fourth quarter last year.

came in at 80 4 million shares or approximately 1 million shares lower than in the fourth quarter last year


and we continue to evaluate attractive adjacent assets that complement our core portfolio,


for some time that of all of our markets, the consumption model in that market is changing

for some time that -- of all of our markets the consumption model in that market is changing


when we put it into our modeling looking at both the price at which the option was struck and the yield on it,


the virality of Venmo and the network effects on core PayPal are clearly

the virality of venmo and the network effects on core paypal are clearly


and a great indicator of how focused management is on the key strategies to maintain the strong numbers.


But today, she has to put up with me one more time and she will shortly give you her update.

but today she has to put up with me one more time and she will shortly give you her update


Our team selling approach continues to produce results by introducing the full suite of products that Paychex can offer our clients upfront.

our team selling approach continues to produce results by introducing the full suite of products that paychex can offer our clients upfront


East Africa net sales were flat, reflecting the impact from the uncertainty that followed the presidential election in Kenya.

east africa net sales were flat reflecting the impact from the uncertainty that followed the presidential election in kenya


demonstrating our commitment to promoting positive drinking experiences and tackling harmful drinking.


I'd like to come back to the enablers behind our margin expansion. Gross margin was broadly flat in the half,

i'd like to come back to the enablers behind our margin expansion gross margin was broadly flat in half


The highly regulated environment in which we and our clients operate drove significant changes to our core IT systems,

the highly regulated environment in which we and our clients operate drove significant changes to our core it systems


is it just that pricing maybe ends up being down. And that's just so tough in terms of rail price -- costs up and

is it just that pricing maybe ends up being down and that's just so tough in terms of rail cost up and


However, these increases are offset by cost reduction actions within the partnership. Collectively, the culmination

however these increases are offset by cost reduction actions within the partnership collectively the culmination


Okay, so if I'm hearing you there, then the way we should think about it is non-real estate

okay so if i'm hearing you there then the way we should think about it is non-real estate


in our franchise and our way of doing business, which have demonstrated our ability to adapt and adjust quickly

in our franchise and our way of doing business which have demonstrated our ability to adapt and adjust quickly


Second, we expect to see additional market growth from conversion to composites from wood.

second we expect to see additional market growth from conversion to composites from wood


the historical absorption in Raleigh, so we feel like it's sort of matching up pretty well. In terms of downtown competitive

the historical absorption in raleigh so we feel like it's sort of matching up pretty well in terms of downtown competitive


We completed a small drilling program in the project in March and have since been developing our evaluation of the opportunity.

we completed a small drilling program in the project in march and have since been developing our evaluation of the opportunity


Our third category which we are focused on is growing our ladies apparel business.

our third category which we are focused on is growing our ladies apparel business


engaging platforms, enabling products and empowering programs. First, let me talk a little bit about engaging platforms.

engaging platforms enabling products and empowering programs first let me talk a little bit about engaging platforms


This has allowed us to significantly decrease drilling days and cost while improving our recent production results.

this has allowed us to significantly decrease drilling days and cost while improving our recent production results


which are not yet in the first half. So I think on the volume and pricing side will be more skewed towards the second half.

which are not yet in the first half so i think on the volume and pricing side be more skewed towards the second half


that they just have been flexing their businesses and moving product around to keep businesses running or taking overtime out,


The early creation and implementation of that amenity helps drive higher residential sales and, therefore, an overall

the early creation and implementation of that amenity helps drive higher residential sales and therefore an overall


as well as increases in recurring revenue and partially offset by decreased sales of access control products.

as well as increases in recurring revenue as partially offset by decreased sales of access control products


but it's worth noting that it was not acquired until April last year after the severe first -- weather in the first quarter.

but it's worth noting that it was not acquired until april last year after the severe weather in the first quarter


In Africa, comparisons were heavily influenced by timing factors as volumes for the first half of the fiscal year declined

in africa comparisons were heavily influenced by timing factors as volumes for the first half of the fiscal year declined


by individual salespeople. It went in Swisher, and obviously, that's not how we distribute our product for safety reasons

by individual salespeople within swisher and obviously that's not how we distribute our product for safety reasons


customers that are more traditional with CLV. I just want to understand the difference why

customers that are more traditional with clv i just want to understand the difference why


earnings growth rate once we get through these rate cases or this rate case or just kind of the thinking on that?


about this time, a little bit later last year, announced the Nike transaction, which wasn't our new project but we want to take some of our existing merchant capacity

about this time or a little bit later last year announced the nike transaction which wasn't a new project but it was to take some of our existing merchant capacity


And therefore, we see a sequentially increasing loss during the fourth quarter.

and therefore we see a sequentially increasing loss during the fourth quarter


but all of these were individual products. They were all stand-alone components. And so the market is moving and we're moving

but all of these were individual products they were all stand-alone components and so the market is moving and we're moving


As we discussed on our Investor Day in September, we are estimating the annual revenue of these opportunities in the next 5 years

as we discussed at our investor day in september we are estimating the annual revenue of these opportunities in the next 5 years


we have proprietary sales and operational programs that allow us to maximize the productivity of our Technology Brands stores,

we have proprietary sales and operational programs that allow us to maximize the productivity of our technology brand stores


So I am going to move on now to our guidance and

so i am going to move on now to our guidance and


While some retailers were more promotional during the quarter, we actually reduced the rate of some of our promotions.

while some retailers were more promotional during the quarter we actually reduced the rate of some of our promotions


investing in not just making the necessary changes, but also making it a real business enabler for us

investing in not just making the necessary changes but also making it a real business enabler for us


transfer of the capabilities of the lines to be competitive also for the next years. We are talking

the transfer of the capabilities of the lines to be competitive also for the next years we're talking


Yes, Jane, I think those are very good questions. I'm not so sure that I feel comfortable

yes jane i think those are very good questions i'm not so sure that i feel comfortable


where investments in cleaner energies are being pushed by the government, especially near Beijing.

where investments in clean energies are being pushed by the government especially near beijing


We also see an opportunity to further leverage our reverse logistics expertise to enhance the overall returns process.

we also see an opportunity to further leverage our reverse logistics expertise to enhance the overall returns process


We expect the impact of the cyberattack on our financial results to diminish in our fiscal second half.

we expect the impact of the cyber attack on our financial results to diminish in our fiscal second half


While we have been successful in our efforts so far, restoring the full confidence of our customers is our key goal.

while we have been successful in our efforts so far restoring the full confidence of our customers is our key goal


some operating leverage in the corporate overhead where it's not growing any faster than sales, maybe even slightly slower?

some operating leverage in the corporate overhead where it's not growing any faster than sales maybe even slightly slower


stretch in that organization's 20-year history over the course of the last 7 years. If you think about the things that we

stretch in that organization's 20-year history over the course of the last 7 years if you think about the things that we


This was slightly down on the prior year, with increased spend to meet the required network output measures.

this was slightly down on the prior year with increased spend to meet the required network output measures


We just need to find a regulatory legal solution that works for everybody. So we've taken the prudent decision to just expense the spend that we've had to date.

we just need to find a regulatory and legal solution that works for everybody so we've taken the prudent decision to just expense the spend that we've had to date


As a result, we believe we currently trade at an implied yield that does not fully reflect the Partnership's value proposition.

as a result we believe we currently trade in an implied yield that does not fully reflect the partnership's value proposition


In Living, the kitchen category saw good growth with some new innovative products and, of course, the launch of the Paderno cookware line.

in living the kitchen category saw good growth with some new innovative products and of course the launch of the paderno cookware line


Thanks, Tim. As we open the call for questions, we ask that you limit yourself to one question and a follow-up.

thanks tim as we open the call for questions we ask that you limit yourself to one question and a follow-up


I don't think we've guided specifically on that, Ed. I think if you look at the products that we depicted in the first half of the year,

i don't think we've guided specifically on that ed i think if you look at the products that we depicted in the first half of the year


We believe this planned sales force expansion can help accelerate TD market development and prepare us for the next waves of growth.

we believe this planned sales force expansion can help accelerate td market development and prepare us for the next waves of growth


I want to also point out that a usual slide presentation that we prepare for our quarterly financial updates is up on our website

i want to also point out that our usual slide presentation that we prepare for our quarterly financial updates is up on our website


The market then, we are no different. And we are exercising

the market and we are no different and we are exercising


Okay. And if that were the case, you'd think those owner operators would be more on the tractor side

okay and if that were the case you think those owner-operators would be more on the tractor side


is this volatility that gives Vistra the chance to opportunistically hedge when forwards are above our fundamental point of view.

it is this volatility that gives vista the chance to opportunistically hedge when forwards are above our fundamental point of view


Over the years, Reliance has consistently demonstrated our ability to quickly respond to changing market factors.

over the years reliance has consistently demonstrated our ability to quickly respond to changing market factors


for their continued hard work to support the progress of our various programs, our investigators and most importantly,

for their continued hard work to support the progress of our various programs our investigators and most importantly


Stronger demand and production rates in Brazil in the first quarter do seem to indicate a potential stabilization in that market.

stronger demand and production rates in brazil in the first quarter do seem to indicate a potential stabilization in that market


in PAH, along with preclinical presentations and an overview of our clinical development efforts.

in pah along with preclinical presentations and an overview of our clinical development efforts


is so important to us. Because it allows us not to arbitrage the market, but at least to manage as much as we can the sensitivity.

is so important to us because it allows us -- yes not to arbitrage the market but at least to manage as much as we can the sensitivity


but it has not yet delivered the growth in the footprint that we want it to. And I'm going to talk more about that in a minute.

but it has not yet delivered the growth in the footprint that we wanted to and i'm going to talk more about that in a minute


and as Lance said earlier, we haven't got as far as we wanted to. We hope we might get that competitive tension up quicker on the motor panel

and as lance said earlier we haven't got as far as we wanted to we hope we might get that competitive tension up quicker on the motor panel


We continue to expand our software and service capabilities in order to create a better, more seamless user experience for deposit customers.

we continue to expand our software and service capabilities in order to create a better more seamless user experience for our deposit customers


been fortunate to raise some growth capital back in July of last year and February of this year. And when we

been fortunate to raise some growth capital back in july of last year and february this year and when we


From a financial return perspective, the blended weighted average yield we have been receiving on this mix of investments,

from a financial return perspective the blended weighted average yield we have been receiving on this mix of investments


again, it's been a very, very strong quarter, as you must have seen with the results this morning. And I'll remind you this momentum started

again it's been a very very strong quarter as you must have seen with the results this morning and i'll remind you this momentum started


So we've definitely seen cost creep up. There seems to be a bit of a catch up that we kind of need to get caught up. It looks as though

so we've definitely seen costs creep up there seems to be a bit of a catch-up that we kind of need to get caught up it looks as though


The effectiveness is proven to visibly reduce dark spots in 8 weeks.

the effectiveness is proven to visibly reduce dark spots in 8 weeks


First of all, the Internet business acquired 3.2 million GiGA subscribers as of the end of the second quarter.

first of all the internet business acquired 3 2 million gigahertz subscribers as of the end of the second quarter


Historically, we have only secured a small percentage of the revenue from the professional services via our partnerships with surgeons.

historically we have only secured a small percentage of the revenue from the professional services via our partnerships with surgeons


This was primarily due to a decrease in transportation fees due to renegotiated contracts and a customer bankruptcy,

this was primarily due to a decrease in transportation fees due to renegotiated contracts and a customer bankruptcy


positive results in core office supplies, technology and facilities and safety supplies category.

positive results in core office supplies technology and facilities and safety supplies category


But in each case, you have to be able to take that BEACON data that has been brought into BEACON from the water meter

but in each case you have to be able to take that beacon data that has been brought into beacon from the water meter


That concludes my formal remarks for the third quarter. Now I'll add a few additional comments regarding the future.

that concludes my formal remarks for the third quarter and i'll add a few additional comments regarding the future


Second quarter, we hope -- by the second quarter of next year, we also hope to get our capacity up to about

second quarter we hope -- by the second quarter of next year we also hope to get our capacity up to about


I would like to take a moment to remind you how we define backlog because it is different from all of our competitors.

i would like to take a moment to remind you how we define backlog because it is different from all of our competitors


and then improving our marketing activity to sit on top of what is now, I think, a much more efficient sales machine.

and then improving our marketing activity to sit on top of what is now i think a much more efficient sales machine


any question about lack of efficacy on abdominal attacks, because we have patients with symptoms

any question about lack of efficacy on abdominal attacks because we have patients with symptoms


But we still see potential improvement by doing more of the value-add activities and

but we still see potential improvement by doing more of the value-add activities and


that fits our needs and fits -- and our capabilities fit their needs as being wealth managers and managers of their risk.

that fits our needs and fits -- and our capabilities fits their needs as being wealth managers and managers of their risk


We've got export capacity out of Beaumont and we're continuing to build out that facility.

we've got export capacity out of beaumont and we're continuing to build out that facility


So I think there'll be great transparency on current taxes versus what we'll call this provision approach.

so i think there'll be great transparency on current taxes versus what we'll call this provision of revenue


And we will provide information as it becomes available in the near future.

and we will provide information as it becomes available in the near future


As you know, we integrated the Polish rail activities into the Metrans Group and gave up unprofitable routes.

as you know we integrated the polish rail activities into the maintenance group and gave up unprofitable routes


that was helpful for us and securing a broader label in a reasonable time period, that's something that we would consider.

that was helpful for us in securing a broader label in a reasonable time period that's something that we would consider


The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast,

the content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast


it's too early. They really get going in August and September. But our anticipation and what we hear for sell-throughs gives us

it's too early they really get going in august and september but our anticipation and what we hear for sell-throughs gives us


And some of these kind of bigger projects will come in, in the second half year, and we didn't have in the first half year.

and some of these kind of bigger projects will come in the second half year and we didn't have in the first half year


But could you just talk about the sustainability of this growth rate and sort of what we should look out for and how we should think about the growth rate of that segment?

but can you just talk about the sustainability of this growth rate and sort of what we should look out for and how we should think about the growth rate of that segment


Demand for education buildings remains at a high level, and Fleetwood is a major player in this market, particularly on the East Coast.

demand for education buildings remains at a high level and fleetwood is a major player in this market particularly on the east coast


bringing new customers into the store. So what I would say is that the team is doing a great job in the way that they're trading the business across the board. And

bringing new customers into the store so what i would say is that the team is doing a great job in the way that they're trading the business across the board and


will become more challenging in the future? So this is my first question. And my second question.

will become more challenging in the future so this is my first question and my second question


The initial child with CLM3 Batten disease in that study continues to participate with no serious adverse events

the initial child with cln3 batten disease in that study continues to participate with no serious adverse events


Underlying operating cash flows describes operating cash flows, excluding the effect of factors such as working capital.

underlying operating cash flows describes operating cash flows excluding the effect of factors such as working capital


will to be work off extreme high order backlog of STRABAG. The company is therefore being very selective

will to be work off the extreme high order backlog of strabag the company is therefore being very selective


but I think you have a better firm, you have a better company, and you have a better product for years to come,

but i think you have a better firm you have a better company and you have a better product for years to come


It's significant for advertisers because it really gives them insights in over-the-air radio that,

it's significant for advertisers because it really gives them insights in over-the-air radio that


You're bringing on new equipment, but you probably need to raise wages. Where do you think

you're bringing on new equipment but you probably need to raise wages where do you think


which was lower than last year as a result of lower premium accelerations and from the continued runoff of our book of business.


We continue to focus on the level of our operating expenses in our continued efforts to perform our functions

we continue to focus on the level of our operating expenses and our continued efforts to perform our functions


competition? Or are a lot of the clients just coming directly to you and it's not even really a bidding process? It's more like they want you to do the work for

competition or are a lot of the clients just coming directly to you and it's not even really a bidding process it's more like they want you to do the work for them


And then how this may be limiting up-trading or the privatization trend that we've been seeing for so long.

and then how this may be limiting up trading or the premiumization trend that we've been seeing for so long


We provide end-to-end digital business, operations and technology services for their global asset management group.

we provide end-to-end digital business operations and technology services for their global asset management group


ranging from self-funding them with the cash that we generate, all the way to distributing our cash to shareholders and accessing capital markets

ranging from self-funding them with the cash that we generate all the way to distributing our cash to shareholders and accessing capital markets


The Building business continues to be a low margin, relatively low risk

the building business continues to be a low margin relatively low risk


rather than just kind of wallow through it, and we're going to try to do something. But if something doesn't happen, it's not like a disaster.

rather than just kind of waddle through it and we're going to try to do something but if something doesn't happen it's not like a disaster


so they can take a long monthly payment and have something perhaps a little more aspirational than they originally were looking for.

so they can take a low monthly payment and have something perhaps a little more aspirational than they originally were looking for


and new precious metal strategies, which are just now beginning to achieve the scale needed to deliver meaningful profitability.

and new precious metal strategies which are just now beginning to achieve the scale needed to deliver meaningful profitability


some of our larger acquisitions which are in the early stages of integration and therefore not yet delivering full margin


I was little surprised on the duration of those new contracts, but I kind of understand reactivating something you spent the money on, going into an up market.

i was a little surprised on the duration of those new contracts but i kind of understand reactivating something you spent the money on going into an up market


split between voice and data is more of an accounting allocation issue than a real trend.


Thank you, operator. Before reviewing our results, I'd like to direct you to the safe harbor statement on Page 2 of today's presentation.

thank you operator before reviewing our results i would like to direct you to the safe harbor statement on page 2 of today's presentation


Before Charlie and Mike discuss our results, let me take a moment to remind you that our remarks today may include forward-looking statements.

before charlie and mike discuss our results let me take a moment to remind you that our remarks today may include forward-looking statements


As you may recall, we expanded our channel to include agent-driven distribution sales because we knew that over the long term,

as you may recall we expanded our channel to include agent-driven distribution sales because we knew that over a long term


I wouldn't pay that much attention to what is going on -- what's being said in the lead up to the election. I think about what

i wouldn't pay that much attention to what is going on what's being said in the lead up to the election i'd think about what


that we've strategically needed to do that because we're playing catch up or we want to chase somebody else because we're new to the market.

that we strategically needed to do that because we're playing catch-up or we want to chase somebody else because we're new to the market


it -- neither one has a material impact on the overall quarter. They're just good for keeping the store looking fresh, and

neither one has a material impact on the overall quarter they're just good for keeping the store looking fresh and


Not knowing the exact rule change, I can't speak specifically to it, and there will, of course, be a comment period and a process around that

not knowing the exact rule change i can't speak specifically to it and there would of course be a comment period and a process around that


Let's now turn to Spain, where we continue to deliver,

let's now turn to spain where we continue to deliver


Also, we anticipate that other factors could potentially result in further negative changes to the availability under revolving credit facility.

also we anticipate that other factors could potentially result in further negative changes to the availability under revolving credit facility


It is a big ground for innovation. We have certainly moved on with some very tangible results.

it is a big ground for innovation we have certainly moved on with some very tangible results


We have deposited cash into the SPVs, and it is recorded as a separate line item on our balance sheet.

we have deposited cash into the spvs and it is recorded as a separate line item on our balance sheet


a business as usual level that will drive us to that profitability. Clearly we needed to make some transformational things.

a business as usual that will drive us to that profitability clearly we needed to make some transformational things


the highlights as an introduction, as a summary. I already told you about the order intake, 17% less

the highlights as an introduction as a summary i already told you about the order intake 17% less


Partners will also have mobile access to their schedules, reducing the time it takes to communicate and manage changes.

partners will also have mobile access to their schedules reducing the time it takes to communicate and manage changes


And we've been very successful gaining market share. And I think we're now going to see the benefits of that as we start to get into

and we've been very successful gaining market share and i think we're now going to see the benefits of that as we start to get in


Overall, revenue growth was driven by a solid performance in our legacy product lines as we've focused marketing campaigns on these categories in the quarter.

overall revenue growth was driven by solid performance in our legacy product lines as we focused marketing campaigns on these categories in the quarter


as well as promote work style reforms to increase productivity and further improve our cost competitiveness.


And so we've been very disciplined about that. And at the same time, we continue to knock on a lot of doors of family companies.

and so we've been very disciplined about that and at the same time we continue to knock on a lot of doors of family companies


in order to support the growth of our customers. We worked our way through some of these agreements at the end of last year and concluded that it was in the best interest

in order to support the growth of our customers we worked our way through some of these agreements at the end of last year and concluded that it was in the best interest


The remaining portion of the sales decrease reflects the soft retail environment partially offset by improved fill rates.

the remaining portion of the sales decrease reflects the soft retail environment partially offset by improved fill rates


The growth in merchandise inventories is primarily seasonal in nature with minor impacts from our first quarter sales office.

the growth in merchandise inventories is primarily seasonal in nature with minor impacts from our first quarter sales softness


and solid share performance while our Biscuits business continued to face difficult price gaps and consumer down trading.

and solid share performance while our biscuits business continued to face difficult price gaps and consumer down trading


How it plays out, I do think that we have a pretty consistent ramp-up through the rest of the quarters, as Bob mentioned.

how it plays out i do think that we have a pretty consistent ramp up through the rest of the quarters as bob mentioned


that area has performed better than we thought it would in the first quarter. And the outlook, quite candidly, is pretty good

that area has performed better than we thought it would in the first quarter and the outlook quite candidly is pretty good


more than offset the headwind from higher taxes and dilution from the coffee transaction that closed in July.

more than offset the headwind from higher taxes and the dilution from the coffey transaction that closed in july


So we think that was a very smart transaction in that regard. There's really nothing much more complicated than that, frankly,

so we think that was a very smart transaction in that regard there's really nothing much more complicated than that frankly


The Tower is a truly unique feature to the skyline of Las Vegas, and its iconic nature will continue to draw visitors from around the world.

the tower is a truly unique feature to the skyline of las vegas and its iconic nature will continue to draw visitors from around the world


due to a higher severance a year ago and restructuring actions taken last June to effectively scale the company.

due to a higher severance a year ago and restructuring actions taken last june to effectively scale the company


Consistent performance like what we've seen in Q3 is the result of decisions we've made 18 to 36 months ago

consistent performance like what we've seen in q3 is the result of decisions we've made 18 to 36 months ago


that go well beyond the performance possible with today's RF SOI processes and will provide us a strong competitive advantage

that go well beyond the performance possible with today's rfsoi processes and will provide us a strong competitive advantage


Let me first give you a backdrop for my views on our market and prospects for the balance of this year and then next year.

let me first give you a backdrop from my views on our market and prospects for the balance of this year and then next year


As we've discussed, our vision for STRATA is to become the dermatology and aesthetic medicine partner of choice,

as we have discussed our vision for strata is to become the dermatology and aesthetic medicine partner of choice


I'll go back to what we said early on, which I haven't talked about maybe in the last quarter, which is the open nature of the platform,

i'll go back to what we said early on which i haven't talked about maybe in the last quarter which is the open nature of the platform


customers who access the trade section of our site trade at twice the rate as average customers.


One example of how we are succeeding is that we had 93% growth in our global omnichannel revenues.

one example of how we are succeeding is that we had 93% growth in our global omnichannel revenues


This resulted in significant softness in sales of existing mobile phone models in October as customers delayed their purchases.

this resulted in significant softness in sales of existing mobile phone models in october as customers delayed their purchases


I'll cover a few different topics on today's call, including the progress we've made in standing up the company to operate independently.

i'll cover a few different topics on today's call including the progress we have made in standing up the company to operate independently


You have the Sweeny Hub that's performing, albeit not at the level that we would expect. If you take the first quarter

you have the sweeney hub that's performing albeit not at the level that we would expect if you take the first quarter


Let me remind you also that this norm will have a significant impact on the reported net debt of the group.

let me remind you also that this norm will have a significant impact on the reported net debt of the group


So let's turn to Retail Branding and Information Solutions. While we are the clear leader in the apparel labeling market,

so let's turn to retail branding and information solutions while we are the clear leader in the apparel labeling market


I'm sorry if I missed it. What was the reason why we didn't see more expense leverage at FTN this quarter,

and i'm sorry if i missed it what was the reason why we didn't see more expense leverage at ftn this quarter


This effort, coupled with other regulatory changes, have put pressure on IFDS, which will require continued focus and effort

this effort coupled with other regulatory changes have put pressure on ifes which will require continued focus and effort


making sure that we maintain our gross shares and service our clients effectively. And we just feel as though the margins are going to be compressed somewhat

making sure that we maintain or grow share and service our clients effectively and we just feel as though the margins are going to be compressed somewhat


I can tell you now that I can confirm the positive perception I had from the outside,

i can tell you now that i can confirm the positive perception i had from the outside


I don't know. When we talked about the increase in quoting activity

i don't know when we talked about the increase in quoting activity


This was also supported by lower churn levels compared to one year back even with the rising competition.

this was also supported by lower churn levels compared to 1 year back even with the rising competition


The reversal in trend of the Canadian dollar has resulted in a modest negative impact on our results in the quarter.

the reversal in trend of the canadian dollar has resulted in a modest negative impact on our results in the quarter


We anticipate strong results in the fourth quarter based on the positive response from our global preview of LumiSpa at LIVE

we anticipate strong results in the fourth quarter based on the positive response from our global preview of lumaspot live


In addition to funding the growth I just mentioned and consistent with our stated cash flow deployment strategy,

in addition to funding the growth i just mentioned and consistent with our stated cash flow deployment strategy


The effect of the volume growth on revenue growth was partially offset by the anticipated pricing decline.

the effect of the volume growth on revenue growth was partially offset by the anticipated pricing decline


as well as interest from other more private lenders in a similar environment, where we could effectively term out on a nonrecourse basis

as well as interest from other more private lenders in a similar environment where we could effectively term out on a non-recourse basis


I think we've done an excellent job as a company, taking a look at our cost controls over the last, and this is across all 3 segments.

i think we've done an excellent job as a company taking a look at our cost controls over the last -- and this is across all 3 segments


remains high, and we look forward to opportunities to bring new and existing Aptar innovations to the market.

remains high and we look forward to opportunities to bring new and existing aptar innovations to the market


While new equipment sales picked up sequentially from the third quarter, the overall demand for equipment remains low in all sectors.

while new equipment sales picked up sequentially from the third quarter the overall demand for equipment remained low in all sectors


will result in us coming out of this downturn stronger than when it started, and we are on the path to driving longer term value for our shareholders.

will result in us coming out of this downturn stronger than when it started and we are on the path to driving longer-term value for our shareholders


No, I wouldn't do that. And the reason I wouldn't do that is because a couple of reasons, but one thing that you need to

i wouldn't do that and the reason i wouldn't do that is because a couple of reasons but one thing that you need to


for trust certificates, which will be supported by consideration, deposited into a trust comprised of the same plan consideration package

for trust certificates which will be supported by consideration deposited into a trust comprised of the same plan consideration package


And ultimately, we look at that, we're going to start lapping those comps starting a little bit in the first quarter next year

and ultimately we look at that we're going to start lapping those comps starting a little bit in the first quarter next year


our overall global capital structure, we feel, is appropriate for our business, and therefore, we feel really comfortable with our current effective tax rate

our overall global capital structure we feel is appropriate for our business and therefore we feel really comfortable with our current effective tax rate


The tax equity market is still available, although there's a lot of wait and see on tax reform, exactly how that's going to be impacted

the tax equity market is still available although there's a lot of wait and see on tax reform exactly how that's going to be impacted


on the price cost. And I think that's the primary driver as we start to get -- see our margins enhanced

on the price cost and i think that's the primary driver as we start to get our margins enhanced


Price increases were implemented in June to reflect significant inflation in packaging and distribution cost.

price increases were implemented in june to reflect significant inflation in packaging and distribution cost


we took a view on in Russia, we act on it. And if we think it's a matter of just working through, then we stay around and we work with our customers.

we took a view on in russia we act on it and if we think it's a matter of just working through then we stay around and we work with our customers


We've continued to deliver organic capital generation while maintaining discipline on pricing and risk and investing in our businesses.

we've continued to deliver organic capital generation while maintaining discipline on pricing and risk and investing in our businesses


We continue to distinguish ourselves in FX trading as well as how we've effectively driven NII growth as we've engaged with clients.

we continue to distinguish ourselves in fx trading as well as how we've effectively driven nii growth as we've engaged with clients


one thing that could change would be some of these larger players that are trying to reactivate a lot of old equipment and


your conversations for Genesis assets that have yet to close, that you're still negotiating relative to those that

your conversations for genesis assets that have yet to close that you're still negotiating relative to those that


We have a really solid pipeline. We expect to finish the year very strongly

we have a really solid pipeline we expect to finish the year very strongly


This strategy was different from others in the marketplace, but we felt it is important to be mindful of our small and medium customers.

this strategy was different from others in the marketplace but we felt it was important to be mindful of our small and medium customers


including at the busiest times of the year, and we believe reliable service is a key factor in our continued growth.

including at the busiest times of the year and we believe reliable service is a key factor in our continued growth


Turning to our balance sheet. We continue to maintain a strong position with significant financial flexibility.

turning to our balance sheet we continue to maintain a strong position with significant financial flexibility


The other side presented their case. Most of that we already were aware of based on the paper submitted.

the other side presented their case most of that we already were aware of based on the paper submitted


to grow but perhaps look a little different than it has in the past, until you get to the conversation around what's 5G going to being

to grow but perhaps look a little different than it has in the past until you get to the conversation around what's 5g going to be


and that as volatility in equity markets increases, this group appears to respond by increasing their investments in Lending Club notes.

and that as volatility in equity markets increases this group appears to respond by increasing their investments in lending club notes


As our year progressed, we added our own experience and dedicated operational, process improvement and supply chain experts.

as our year progressed we added our own experienced and dedicated operational process improvement and supply chain experts


the active exchange is a smaller piece of the business. In the long run, that's what we expect to be by far the dominant part of the business.

the active exchange is a smaller piece of the business in the long run that's what we expect to be by far the dominant part of the business


of the repricing. So we did roll those prices out, but we'll see some continued benefit coming into

of the repricing so we did roll those prices out but we'll see some continued benefit coming into


I think we are -- as you mentioned we reiterated guidance this year. And we're off to start as we expected in the first quarter.

i think we are -- as you mentioned we reiterated guidance this year and we're off to a start as we expected in the first quarter


And then also, putting that aside, could we see a contract extension for the current contract

and then also putting that aside could we see a contract extension for the current contract


in the first quarter of 2015. Sales to the aerospace market have increased as a percentage of our total sales,

in the first quarter of 2015 sales to the aerospace market have increased as a percentage of our total sales


portfolio, to dedicate our resources to the acquisition process, evaluation of projects

portfolio to dedicate our resources to the acquisition process evaluation of projects


And if there was a clear and compelling path to drive additional value, we would certainly consider it as we've always done.

and if there was a clear and compelling path to drive additional value we would certainly consider it as we've always done


driven largely by positive volume drop down, some variable cost savings and savings from our productivity enhancement programs,

driven largely by positive volume drop-down some variable cost savings and savings from our productivity enhancement programs


These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially,

these forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially


Looking across the businesses more generally and recognizing the dilutive effect that the new acquisition would normally have,

looking across the businesses more generally and recognizing the dilutive effect which a new acquisition will normally have


Small companies will go cloud immediately, and then you're talking about companies will employ tens of thousand and

small companies will go cloud immediately but when you're talking about companies who employ tens of thousands and


Beyond the strong immediate demand for our digital services, we are also creating new platforms for continued growth.

beyond the strong immediate demand for our digital services we are also creating new platforms for continued growth


but the China demand has not yet materialized, certainly in our revenue and their revenue.

but the china demand has not yet materialized certainly in our revenue and their revenue


But I will give you a little inkling into Q4. We are taking on shipments

but i will give you a little inkling into q4 we are taking on shipments


the great data there of the last trailing 12 months on a quarterly basis I think illustrates that we're now running at

the great data there of the last trailing 12 months on a quarterly basis i think illustrates that we're now running it


One of the reasons is that in addition to existing indications, there are new indications.

one of the reasons is that in addition to existing indications there are new indications


in the corridor we're targeting. So all other things being equal, we would expect reserve releases to continue in the future

in the corridor we're targeting so all other things being equal we would expect reserve releases to continue in the future


Just following up on David's questions. Can you guys provide some detail on the expected time line for your cost-control efforts

just following up on david's question can you guys provide some detail on the expected time line for your cost control efforts


I am encouraged by an improvement in our working capital sales ratio, which is the lowest we've seen in the last 6 quarters.

i am encouraged by an improvement in our working capital sales ratio which is the lowest we've seen in the last 6 quarters


The mental model that we use around valuation for not only mortgage REITs but most funds with a liquid portfolio of assets,

the mental model that we use around valuation for not only mortgage rates but most funds with a liquid portfolio of assets


That is evident in the waterfall chart on Slide 8, which takes you through the key movements from the prior half year

that is evident in the waterfall chart on slide 8 which sets you through the key movements from the prior half year


Second, we will be expanding our marketing and lead generation around solutions and services that result in recurring revenue.

second we will be expanding our marketing and lead generation around solutions and services that result in recurring revenue


We are optimizing operations from macro processes like improved inventory assessment at our distribution centers

we are optimizing operations from macro processes like improved inventory assessment at our distribution centers


it had a more material impact in that particular quarter. The amendment in and by itself for the full year doesn't. And that's why

it had a more material impact in that particular quarter the amendment in it by itself for the full year doesn't and that's why


This first phase will also provide employment opportunities for NYCHA residents as well as local businesses,

this first phase will also provide employment opportunities for nihon residents as well as local businesses


coming from the base renewal rate, i.e., the subscription dollar amount that is expiring with an existing customer

coming from the base renewal rate i e the subscription dollar amount that is expiring with an existing customer


the timing of Ramadan should reduce RevPAR in the second quarter, with offsetting stronger results expected in the third quarter.

the timing of ramadan should reduce revpar in the second quarter with offsetting stronger results expected in the third quarter


even though the returns may have -- maybe have gotten a little bit less, the returns are still fairly healthy compared to

even though the returns may have gotten a little bit less the returns are still fairly healthy compared to


on each of our Marriott and Starwood websites and apps and enjoy our unified loyalty programs.

on each of our marriott and starwood websites and apps and enjoy our unified loyalty programs


Luxury hotels in Miami benefited from Florida and Caribbean hotels still out of service from the 2017 hurricanes,

luxury hotels in miami benefited from florida and caribbean hotels still out of service from the 2017 hurricanes


both necessary and we think both long-term positive have been disruptive in the short run.


If achieved, this performance would translate to a total revenue mix of 38% of revenue

if achieved this performance would translate to a total revenue mix of 38% of revenue


I would say that we do receive a lot of inbound calls, and I'm not saying that that's related directly to supply issues. But

i would say that we do receive a lot of inbound calls and i'm not saying that that's related directly to supply issues but


And we have applied this across the enterprise, not just in Ohio. It's had the biggest impact in Ohio.

and we have applied this across the enterprise not just in ohio it's had the biggest impact in ohio


And I think finally, the Alliance Refinery was down for maintenance during part of the third quarter

and i think finally the alliance refinery was down for maintenance during part of the third quarter


those acquisitions actually would have put us above the guidance that we had previously provided.


that went in place in March. We've also had a series of reductions as we've begun to really integrate our key support functions.

that went in place in march we've also had a series of reductions as we've begun to really integrate our key support functions


a variety of new clients and new programs, and that's what's starting to drive up the top line and will continue to drive up the top line.

a variety of new clients and new programs and that's what's starting to drive up the top line and will continue to drive up the top line


generate a continuous growth through identifying potential markets and making sure to tap into the demand.


In contrast, the forecast for Scandinavia and the Baltic region has been increased again.

in contrast the forecast for scandinavia and the baltic region has been increased again


any sort of color around what you saw that do to your short-term rentals throughout the quarter? I'm just trying to figure out,

any sort of color around what you saw that do to your short-term rentals throughout the quarter i'm just trying to figure out


and continue on to the next year. As for the beverage market in Taiwan,

and continue on to the next year as for the beverage market in taiwan


The weight loss industry is pretty broad and it really depends on how you define it. The way that we like to look at it is

well the weight loss industry is pretty broad and it really depends on how you define it the way that we like to look at it is


has slightly postponed the tender for the volumes in the second quarter -- second half of the year.

the -- has slightly postponed the tender for the volumes in the second quarter -- second half of the year


But as I mentioned earlier, that whole development has less and less influence on our business,

but as i mentioned earlier that whole development has less and less influence on our business


Are those dollars going more into conventional or more into discount? Or is that investment being made across the board?

are those dollars going more into conventional or more into discount or is that investment being made across the board


At Amicus, we have key organizational strength as well that provide us with a strategic advantage

at amicus we have key organizational strengths as well that provide us with a strategic advantage


part of the capitation payment and that you will be forever getting a lower rate, whereas those operators who are

part of the capitation payment and that you will be forever getting a lower rate whereas those operators who are


Fourth, market leadership provides us with cumulative experience within a particular product area that exceeds our competitors,

fourth market leadership provides us with cumulative experience within a particular product area that exceeds our competitors


completed our Whitford acquisition in the first quarter and just recently announced the completion of the Hemmelrath acquisition.

we completed the whitford acquisition in the first quarter and just recently announced the completion of the hemelrap acquisition


So let me now turn it over to Marcus to take you through the results of the quarter in detail, and then we'll be happy to answer your questions.

so let me now turn over to marcus to take you through the results of the quarter in detail and then we'll be happy to answer your questions


Yes. So I mean, that is more -- so what I just said is more really in relation to how we manage 2016 to make sure that

so i mean that is more -- so what i just said is more really in relation to how we manage 2016 to make sure that


We are working to aggressively add smaller customers, which have similarly shorter

we are working to aggressively add smaller customers which have a similarly shorter


We still anticipate marketing and promo costs to be right around 3% of sales for the full year, with elevated spending for the remainder of the year.

we still anticipate marketing and promo costs to be right around 3% of sales for the full year with elevated spending for the remainder of the year


So I'm tremendously excited about the fundamentals that we are maniacally focused on, coupled with

so i'm tremendously excited about the fundamentals that we are maniacally focused on coupled with


and the expense related to the impact of the recently enacted tax reform in Puerto Rico on a deferred tax asset.

and the expense related to the impact of the recently enacted tax reform in puerto rico on our deferred tax asset


Business promotion costs were higher in the fourth quarter and reflect the traditional seasonality of this expense line.

business promotion costs were higher in the fourth quarter and reflect the traditional seasonality of this expense line


complete our call yet. So please don't hang up. As all of you know, this is indeed a very special call today as,

complete our call yet so please don't hang up as all of you know this is indeed a very special call today as


market conditions as well as our liquidity and expected returns, and compare that to

market conditions as well as our liquidity and expected returns and compare that to


During the quarter, we delivered growing enrollments in our Medical and Healthcare segment and strong results in our Professional Education segment,

during the quarter we delivered growing enrollments in our medical and healthcare segment and strong results in our professional education segment


All we're doing is telling you how we're going to be flexible in the future with respect to the dividend.

all we're doing is telling you what -- how we're going to be flexible in the future with respect to the dividend


in the following quarter or 2. We expect the same thing to happen as we progress through the fourth quarter and into next fiscal year.

in the following quarter or 2 we expect the same thing to happen as we progress through the fourth quarter and into next fiscal year


need that I continue to hear about. Clearly, if you go back to what we put forth as far as our

need that i continue to hear about clearly if you go back to what we put forth as far as our


I'd like to begin my talk today with an overview of our first half results.

i'd like to begin my talk today with an overview of our first half results


So the marketing spend there, we're still in the process of the rebrand, so you could still see

so the marketing spend there -- we're still in the process of the rebrand so you could still see


Over the past 4 years, we've invested in nearly every aspect of our business to position the firm for future growth.

over the past 4 years we've invested in nearly every aspect of our business to position the firm for future growth


And with that, I'm happy to hand it back to Arti to talk a little bit more about our ongoing initiatives and expectations for

and with that i'm happy to hand it back to asta to talk a little bit more about our ongoing initiatives and expectations for these


Finally, we are winning on the competitive front. We have efficient marketing that is resonating with our customers.

finally we are winning on the competitive front we have efficient marketing that is resonating with our customers


We know the type of capacity to do that is always subject to what's the right mix of short and long-term contracts and


and possibly further balance sheet optimization, and we'll give you more details as these plans are finalized and put into action.

and possibly further balance sheet optimization and we'll give you more details as these plans are finalized and put into action


Okay, that's helpful. And then just last question would be on just the velocity of this conversation. Obviously, this wasn't a topic for us

okay that's helpful and then just last question would be on just the velocity of this conversation obviously this wasn't a topic for us


very healthy and very well positioned to take advantage of opportunistic buys in the back half of the year


we can take some questions from those listening in. Going to try and keep this relatively brief as this is a very busy week of reporting.

we can take some questions from those listening in i'm going to try and keep this relatively brief as this is a very busy week of reporting


retail segment growth can at least pick up from kind of a 1% run rate improvement level?


We have expanded our industry lead in both returns and growth, and we are excited about the future.

we have expanded our industry lead in both returns and growth and we are excited about the future


under the Events and Presentations tab to find full explanations and reconciliations of these non-GAAP measures.

under the events and presentations tab to find full explanations and reconciliations of these non-gaap measures


Plant productivity, mix enrichment and cost savings drove the improvement in operating earnings.

plant productivity mix enrichment and cost savings drove the improvement in operating earnings


Okay. But would there be an impact in the first quarter from that perspective, I mean, based on where we are?

okay but would there be an impact in the first quarter from that perspective i mean based on where we are


Additionally, I am proud to report that last month Cornerstone was made the strategic leader

additionally i am proud to report that last month cornerstone was named a strategic leader


But are we going to go through the same thing 3 years from now? I think that's not what we're talking about.

but are we going to go through the same thing 2 years from now i think that's not what we're talking about


This was particularly helpful in Park City, as we build brand awareness and loyalty for a completely new experience at the resort.

this was particularly helpful in park city as we build brand awareness and loyalty for a completely new experience at the resort


So this is about stimulating usage in high consumer urban areas IP TV customers

so this is about stimulating usage in high consumer urban areas iptv customers


so what we are starting to see now is consolidation that's taking place at the wholesale distribution level. So,

so what we're starting to see now is consolidation that's taking place at the wholesale distribution level so


links future dividend increases to the growing dividend cash flows we received from our daughter entities.

links future dividend increases to the growing dividend cash flows we receive from our daughter entity


through tramlines. Tramlining reduces cost in a way which does not diminish consumer value.

through tramlines tramlining reduces cost in a way which does not diminish consumer value


I think as we talk more about that story and tell that story more appropriately, I think you'll

i think as we talk more about that story and tell that story more appropriately i think you'll


Although, it is fair to say that commodity deflation is expected to impact more on the wholesale trade channel,

although it is fair to say that commodity deflation is expected to impact more on the wholesale trade channel


Today also marks the start of the New York Boat Show. The enthusiasm coming out of the early shows is growing.

today also marks the start of the new york boat show the enthusiasm coming out of the early shows is growing


a little bit. It's not business determining, but it will have an interesting impact on the EBIT. Interesting.

a little bit it's not business determining but it will have an interesting impact on the ebit interesting


Our strong brand enables automation customers to trust us and build their solutions with our products.

our strong brand enables automation customers to trust us and build their solutions with our products


with modest employment and wage growth. Locally, our state economy continues to perform well

with modest employment and wage growth locally our state economy continues to perform well


We are pleased to report these solid first quarter results, which were in line with our expectations.

we are pleased to report these solid first quarter results which were in line with our expectations


you were able to do that a little bit. I mean, how far along are you in that? And do you expect to see more benefit in the next quarter from that?

you were able to do that a little bit i mean how far along are you in that and do you expect to see more benefit in the next quarter from that


We are seeing a unique dynamic within our industry, particularly within our market area.

we are seeing a unique dynamic within our industry particularly within our market area


not right to expect us to be vastly growing market share until we put into place


comment on that. I mean we do look at comparables and see what other people are doing in the industry, but we also look at

comment on that i mean we do look at comparables and see what other people are doing in the industry but we also look at the


I'm not sure I see any of the opportunities that you're talking about outside of that with other people. Because the

i'm not sure i see any of the opportunities that you're talking about outside of that with other people because the


So turning to comments about the new role. We've actually been talking about a business leadership role almost from the time

so turning to comments about the new role we've actually been talking about a business leadership role almost from the time


every construction tire and every mining tire, you put them all together,

every construction tire and every mining tire you put them all together


individual pieces that are going through and their condition or their age. The overall used equipment markets have been generally favorable.

individual pieces that are going through in their condition or their age the overall used equipment markets have been generally favorable


On a consolidated basis, we continue to show higher sales and improved profitability.

on a consolidated basis we continue to show higher sales and improved profitability


can you talk about your revenue outlook by region underlying your healthy 4Q outlook?

can you talk about your revenue outlook by region underlying your healthy 4q outlook


all retailers are looking for all brands to really invest in driving social and digital awareness.


We believe some of this lift is sustainable, but we aren't expecting to maintain that full increase in ROA going forward.

we believe some of this lift is sustainable but we aren't expecting to maintain that full increase in roa going forward


as we continue to focus on growing in underpenetrated markets in Latin America in both tissue and sanitary.

as we continue to focus on growing in underpenetrated markets in latin america in both tissue and sanitary


but I can tell you that in preparation for Titan's potential direct participation and commercial activities,

but i can tell you that in preparation for titan's potential direct participation in commercial activities


I'd like to reiterate our confidence in both our freedom to operate and the strength of our overall position.

i'd like to reiterate our confidence in both our freedom to operate and the strength of our overall position


is when we gave you those targets for our improvement in earnings in our strategic plan last September.

is when we gave you those targets for our improvements in earnings in our strategic plan last september


and offers superior power density, making it ideal for powering large equipment under continuous operation in remote field locations.

and offers superior power density making it ideal for powering large equipment under continuous operation in remote field locations


And in those instances where we're over 100%, we don't look at that as a cause for panic. We've got levers that we can pull. There are some

and in those instances where we're over 100% we don't look at that as a cause for panic we've got leverage that we can pull there are some


On the export side, Southern log export volumes decreased slightly and average realizations were roughly flat.

on the export side southern log export volumes decreased slightly and average realizations were roughly flat


And it's not only going on now, but it's something that we plan to continue in the future. So

and it's not only going on now but it's something that we plan to continue in the future so


We are moving forward with our integration planning process in order to be well prepared for an early second quarter close.

we are moving forward with our integration planning process in order to be well prepared for an early second quarter close


and adding to which is a reflection on the part of provinces and the national government that mining should be promoted.


its wherewithal. We certainly are getting the type of production from it that we anticipated to be able to get at high quality costs.

it's wherewithal we certainly are getting the type of production from it that we anticipated to be able to get at high-quality costs


something that you're hearing in marketplace. But we are getting an impressive amount of inbound calls coming from people

something that you're hearing in marketplace but we are getting an impressive amount of inbound calls coming from people


We continue to optimize our branch network through the closure of a net 72 outlets in this period.

we continue to optimize our branch network through the closure of a net 72 outlets in this period


bringing a truly global platform experience to India's consumers and merchants.

bringing a truly global platform experience to india's consumers and merchants


each new cohort, we see stronger than the last in terms of how they engage and how they mature over time. So while we don't break out

each new cohort we see stronger than the last in terms of how they engage and how they mature over time so while we don't break out


So if you could walk us through how exactly was the movement on the capitalization, you said you paid dividends

so if you could walk us through how exactly was the movement on the capitalization you said you paid dividends


can only be met exclusively through profitable retail sales and sales to preferred customers, the same bucket of transactions we talked about

can only be met exclusively through profitable retail sales and sales to preferred customers the same bucket of transactions we talked about


And as we have more students take advantage of that, as I mentioned, we scholarship the difference between

and as we have more students take advantage of that as i mentioned we scholarship the difference between


Further, we have new sales leadership in place who is positioning us to ensure that we are coordinating even more closely

further we have new sales leadership in place who is positioning us to ensure that we are coordinating even more closely


Okay. And then, Yos, are you able to describe a little bit more in terms of some of the

okay and then jos are you able to describe a little bit more in terms of some of the


because you're not seeing these customers migrate away or merge away. And is there a way to look at maybe the revenue

because you're not seeing these customers migrate away or merge away and is there a way to look at maybe the revenue


This impact is most pronounced in the first quarter, given the timing of equity grants and was contemplated in our guidance.

this impact is most pronounced in the first quarter given the timing of equity grants and was contemplated in our guidance


Let me remind you first that our outlook is based on our current view of economic and interest rate conditions

let me remind you first that our outlook is based on our current view of economic and interest rate conditions


We see natural gas fueling as an economic and realistic solution that a company can utilize to achieve greater sustainability.

we see natural gas fueling as an economic and realistic solution that a company can utilize to achieve greater sustainability


basically will probably be needed to be done in any country that would license this. So I don't

basically will probably be needed to be done in any country that would license this so i don't


We have also during the quarter seen improvements in Western Europe, which is also very encouraging for the future.

we have also during the quarter seen improvements in western europe which is also very encouraging for the future


As Bonnie mentioned, we are investing in our sales force and marketing campaigns to support the anticipated growth in our business.

as bonnie mentioned we are investing in our sales force and marketing campaigns to support the anticipated growth in our business


in my network, how can I optimize my network by using this very unique aircraft

in my network how can i optimize my network by using this very unique aircraft


Are you -- did you just say that you guys closed some business that pushed out from September and you closed in October? Did I hear that right?

are you -- did you just say that you guys closed some business that pushed out from september and you closed in october did i hear that right


This increase is largely related to incentive compensation, Board transition, legal and other external service costs.

this increase is largely related to incentive compensation board transition legal and other external service costs


Similarly, the volume and inefficiency issues with concrete tensioning did lessen but remain a drag on margins in the quarter.

similarly the volume and inefficiency issues with concrete tensioning did lessen but remain a drag on margins in the quarter


and our presentation in gifts is really, really exciting. And we really feel that, that is going to carry us through

and our presentation in gifts is really really exciting so we really feel that that's going to carry us through


Results may differ materially from those projected on today's call and we undertake no obligation to publicly update any forward-looking statements.

results may differ materially from those projected on today's call and we undertake no obligation to publicly update any forward-looking statement


We are convinced that the combination of security and connectivity services will become more and more important in the coming years.

we are convinced that the combination of security and connectivity services will become more and more important in the coming years


However, given the environment and our view that markets will remain depressed for a significant period of time, they are unavoidable.

however given the environment and our view that markets will remain depressed for a significant period of time they are unavoidable


to the regulations, the way they've been written is that the test is whether you're a net domestic gas contributor or not.

to the regulations the way they've been written is that the test is whether you're a net domestic gas contributor or not


There is naturally competition for such sales but LNG sourced from PNG is well regarded by the market.

there is naturally competition for such sales but lng sourced from png is well regarded by the market


the Commonwealth COFINA settlement would entitle COFINA to a portion of the pledged sales tax base amount on a first dollar basis.

the commonwealth cafina settlement would entitle cafina to a portion of the pledged sales tax base amount on a first dollar basis


so we sold a few more SPY systems. But in terms of the level of installations, actually PINPOINT is running ahead of SPY.

so we sold a few more spy systems but in terms of the level of installations actually pinpoint is running ahead of spy


Over time, I do expect that fluorescence imaging will be used in a large number of procedures from diagnosis

over time i do expect that fluorescence imaging will be used in a large number of procedures from diagnosis


The amount that you normally give -- or historically have given, has that gone up as the

the amount that you normally give or historically have given has that gone up as the


The benefits of scale that allows that kind of focus on a Y2K account, which whether it's not yet a customer

the benefits of scale that allows that kind of focus on a y2k account which whether it's not yet a customer


period over the last few months in Colombia where this large political change and so there's not a lot of

a period over the last few months in colombia where there's large political change and so there's not a lot of


Given the drought in California and the shift in the focus of production of fresh produce to the East,

given the drought in california and the shift in the focus of production of fresh produce to the east


That being said, it's appropriate to remind everyone that this is a rare disease and there are models of experience from

that being said it's appropriate to remind everyone that this is a rare disease and there are models of experience from


I'll now conclude by summarizing the key highlights of our financial performance in the last 6 months.

i'll now conclude by summarizing the key highlights of our financial performance in the last 6 months


Often such client cost management decisions are made in short cycles, with limited advanced warning to suppliers.

often such client cost management decisions are made in short cycles with limited advance warning to suppliers


We see the potential for that, but we need to see what our NGL solution is going to look like out of Oklahoma,

we see the potential for that but we need to see what our ngl solution is going to look like out of oklahoma


We are striving to be the leading builder in each of our markets and to continue to expand our industry-leading market share.

we are striving to be the leading builder in each of our markets and to continue to expand our industry-leading market share


gives us some really exciting products and gives us the confidence to say that total patients


while weighted average pricing was down slightly due to salvage volume from the West Mims fire and geographic mix.

while weighted average pricing was down slightly due to salvage volume from the west mims fire and geographic mix


So a lot of the NanoKnife procedure is used in conjunction with other procedures.

so a lot of the nanoknife procedure is used in conjunction with other procedures


between our largest market, which under the current DMA is Knoxville and a lot of markets that are a lot larger than what we currently are.

between our largest market which under the current dma is knoxville and a lot of markets that are a lot larger than what we currently are


We have benefited this from this geographic diversity by being able to capture opportunities as they arise wherever they arise.

we have benefited this from this geographic diversity by being able to capture opportunities as they arise wherever they arise


Those who have participated in our quarterly calls over the last 18 months have heard me describe the Algeco Group as a good business with great people.

those who have participated in our quarterly calls over the last 18 months have heard me describe the altria group as a good business with great people


We have met with numerous potential buyers and have developed a shortlist of bidders for all or part of the business.

we have met with numerous potential buyers and have developed a short list of bidders for all are part of the business


handling area have actually remained solid and even on a good level.

handling area have actually remained solid and ever on a good level


So these have always been there, except in the last quarter, we've just trued this up to the actual extent of utilization.

so these have always been there except in the last quarter we just trued this up to the actual extent of utilization


This has resulted in additional emissions testing and sophistication of the emissions system as well as additional compliance requirements.

this has resulted in additional emissions testing and sophistication of the emissions system as well as additional compliance requirements


After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.

after prepared remarks we will open up the call for your questions which we ask that you limit to one per caller


with the existing team. As I mentioned earlier, we brought in thousands of customers in the first year of the launch, and we recognize

with the existing team and as i mentioned earlier we brought in thousands of customers in the first year of the launch and we recognize


when we reflect on all these accomplishments, which are many in 2018, I just want to thank all of our associates for their dedication

and when we reflect on all these accomplishments which are many in 2018 i just want to thank all of our associates for their dedication


as that product portfolio's expanded for the past couple of years, it takes some time to get that customer to

as that product portfolio has expanded for the past couple of years it takes some time to get that customer to


We continue to see pressure in Chicago, Miami and our Texas markets of Dallas, Houston and Austin.

we continue to see pressure in chicago miami and our texas markets of dallas houston and austin


The combined company -- the sum of the 2 revolvers for the -- that we had before that were a little bit less than that.

the combined company -- the sum of the 2 revolvers for the -- that we had before that were a little bit less than that


As we have often said, we believe we are only in the early innings of the health plan growth opportunity.

as we have often said we believe we are only in the early innings of the health plan growth opportunity


we believe these are necessary actions to enhance our overall operating efficiencies and long-term profitability.


In June, we signed 13 new partners to participate in our token service provider program in all major regions.

in june we signed 13 new partners to participate in our token service provider program in all major regions


We continue to accelerate our share buyback activity to offset the equity dilution from the Visa Europe transaction.

we continue to accelerate our share buyback activity to offset the equity dilution from the visa europe transaction


And those are progressing really well, and we have a number of circuits with a particular part.

and those are progressing really well and we have a number of such cases with a particular part


growth and it needs to reach a level of revenue such that it is breakeven. We expect that level to be reached

growth and it needs to reach a level of revenue such that it is breakeven we expect that level to be reached


Obviously, continued to take a look at that as we go forward, but right now, next couple of years, we don't have any plans.

we'll obviously continue to take a look at that as we go forward but right now next couple of years we don't have any plans


do anything with that cash balance? Resume share repurchases or other activities?

do anything with that cash balance resume share repurchases or other activities


We have also taken due cognizance of the unfortunate events relating to food safety in the South African food value chain,

we have also taken due cognizance of the unfortunate events relating to food safety in the south african food value chain


manage actually cash management as well as other factors. It's still a little too early to say exactly

manage -- actually cash management as well as other factors it's still a little too early to say exactly


The general economics of the agreement provide for National MI to retain a margin of up to 80% of the ceded premium.

the general economics of the agreement provide for national mi to retain a margin of up to 80% of the ceded premium


The additional amounts that aren't necessary to reach that mark, are you looking at additional acquisitions as far as

the additional amounts that aren't necessary to reach that mark are you looking at additional acquisitions as far as


I'd now like to turn the call back over to Habib who will quickly cover our upcoming corporate priorities.

i'd now like to turn the call back over to habib who will quickly cover our upcoming corporate priorities


Our capital spending during the first 9 months of 2018 continued to be primarily focused on enhancing existing

our capital spending during the first nine months of 2018 continued to be primarily focused on enhancing existing


We will continue cost reduction initiatives around the world, including flattening of our organizational structure,

we will continue cost-reduction initiatives around the world including flattening of our organizational structure


We currently estimate that we do have investment capacity based upon the cash positions and the leverage targets that I just discussed, but we will

we currently estimate that we do have investment capacity based upon the cash positions and the leverage targets that i just discussed but we will


Again, our model is to be a broker. And as a broker, we have the advantage of being able to partner with lenders that we believe offer the best mortgage rates and features.

again our model is to be a broker and as a broker we have the advantage of being able to partner with lenders that we believe offer the best mortgage rates and features


because we have a granular portfolio, secured primarily by real estate collateral with readily ascertainable market values.

because we have a granular portfolio secured primarily by real estate collateral with readily ascertainable market values


that this can change over the course of the year, but the guidance that we have put up builds what I provided

that this can change over the course of the year but the guidance that we have put out builds what i provided


As we discussed last quarter, the team has now closed out a vast majority of these previously awarded sites.

as we discussed last quarter the team has now closed out a vast majority of these previously awarded sites


What you're seeing from us is a little bit more of the mix of us doing deployment services versus working with third parties that are doing it.

what you're seeing from us is a little bit more of the mix of us doing deployment services versus working with third parties that are doing it


we also see this effect of negative business mix effect, especially in Performance Materials

we also see this effect or the negative business mix effect especially in performance materials


If you have any image, please. For example, if there are slight differences

if you have any image please for example if there are slight differences


as a lowest estimated level of numbers with the system revision taking place in April.

as a lowest estimated level of numbers with the system division taking place in april


networking and wireless, the teams have already underway pivoted their businesses to

networking and wireless the teams have already underway pivoted their businesses to


even during the year after we lost the one major customer. So that's on a very bright note.

even during the year after we lost the one major customer so that's on a very bright note


Can you talk a little bit more about what's going to be different this time and how you will make sure that you get this bigger, better,

can you talk a little bit more about what's going to be different this time and how you will make sure that you get this bigger better


The plus underlies our commitment that CARE will make Beiersdorf even stronger in the future.

the plus underlines our commitment that care will make biocartis even stronger in the future


have a tremendous potential to further expand our business in regions and categories where we are underrepresented today.

we have a tremendous potential to further expand our business in regions and categories where we are underrepresented today


We stepped up our investments in manufacturing capacity, particularly in geographies where we have built scale

we stepped up our investments in manufacturing capacity particularly in geographies where we have built scale


some of these changes in the form of interest coming down. We, obviously, can't forecast what's going to happen over the next few years.

some of these changes in the form of interest coming down we obviously can't forecast what's going to happen over the next few years


The big reason there is we have -- it was more opportunistic in nature in that we have our kiosk partner

the big reason there is we have -- it was more opportunistic in nature in that we have our kiosk partner


Who doesn't want to give up their code for us to do it for them. So they don't want us to do it for them, but they don't have the resources to do it themselves.

who doesn't want to give up their code for us to do it for them right yes so they don't want us to do it for them but they don't have the resources to do it themselves


the larger part of the holiday season. So we take that all into consideration as we put the guidance together.

the larger part of the holiday season so we take that all into consideration as we put the guidance together


First I would like to review the plan for completion of APeX-1. This trial in HAE patients

first i would like to review the plan for completion of apex-1 this trial in hae patients


As such, the net impact of the sale is expected to be immaterial to Torchmark's financial statements.

as such the net impact of the sale is expected to be immaterial to torchmark's financial statements


I call attention to our adjusted net income because so many of you are now gauging our performance by that metric.

i call attention to our adjusted net income because so many of you are now gauging our performance by that metric


So is it just a matter of timing? Or is there some change to the expectation around how much in dividends you can get up

so is it just a matter of timing or is there some change to the expectation around how much in dividends you can get up


So I think you're going to see Layne, and we call it now Water and Mineral Services in Granite, that's going to be a very healthy environment on margins.

so i think you're going to see lane and we call it now water and mineral services and granite that's going to be a very healthy environment on margins


as we've increased our margin expectation certainly on the work that we've procured over the last 12 months, that margin has increased.

as we've increased our margin expectations certainly on the work that we procured over the last 12 months that margin has increased


including the launch of our development program called My Road Trip, which we discussed on the most recent call.

including the launch of our development program called my road trip which we discussed on the most recent call


In addition, we will have certain options to develop and commercialize programs that may find application in other cancer indications.

in addition we will have certain options to develop and commercialize programs that may find application in other cancer indications


Compared with 1 year ago, the level of market activity for projects and turnarounds that we are experiencing is healthier.

compared with 1 year ago the level of market activity for projects and turnarounds that we are experiencing is healthier


the biggest difference between Taiwan and China is that in Taiwan, the market is relatively mature.

the biggest difference between taiwan and china is that in taiwan the market is relatively mature


unless the local player isn't good at all. Otherwise,

unless the local player isn't good at all otherwise


on the leading edge of changing customer needs, and through our research, we expect our new product combining 2 of the elements

on the leading edge of changing customer needs and through our research we expect our new product combining 2 of the elements


capital investments and share repurchases. We plan to use the majority of proceeds from the expected Bayou transaction

capital investments and share repurchases we plan to use the majority of proceeds from the expected buyout transaction


Click on Investors then on Earnings Webcast. This concludes today's conference call.

click on investors then on earnings webcast this concludes today's conference


and these are still going to be successive enrollments just because of how the drug is essentially made or the product is made.


These reductions were partially offset by lower rationalization charges and better manufacturing performance late in the year.

these reductions were partially offset by lower rationalization charges and better manufacturing performance late in the year


So we feel like we're going to bring some things to the table in Augusta on the mortgage side, where they'll be able to do more business.

so we feel like we're going to bring some things to the table in augusta on the mortgage side where they'll be able to do more business


With the benefit of a new venue next year, combined with improved industry sales, we expect the show to strengthen going forward.

with the benefit of a new venue next year combined with improved industry sales we expect the show to strengthen going forward


I would say that the fourth quarter, we ought to expect to see the same or similar type of

i would say that the fourth quarter we ought to expect to see a same or similar type of


All our regions did well this quarter, exceeding our expectations. Asia Pacific was the top performer again.

all our regions did well this quarter exceeding our expectations asia pacific was the top performer again


your thoughts on whether or not consumers are paying you for your portion sizes now, or if there's an opportunity to take that either up or down?

and your thoughts on whether or not consumers are paying you for your portion sizes now if there's an opportunity to take that either up or down


but this comes not completely unexpectedly. As you know from our previous calls, that was a development, which was foreseeable for me,

but this comes not completely unexpectedly as you know from our previous calls that was a development which was foreseeable for me


We booked a negative provision number this quarter as we experienced a decline in our loan book on a period-end basis.

we booked a negative provision number this quarter as we experienced a decline in our loan book on a period-end basis


Our targeted cash flow should allow us to continue to delever while providing sufficient cash flow for tuck-in acquisitions.

our targeted cash flow should allow us to continue to delever while providing sufficient cash flow for tuck-in acquisitions


those bids that went out in the third quarter and fourth quarter that are being implemented right now. And I'm just going to anticipate your next question to say,

those bids that went out in the third quarter and fourth quarter that are being implemented right now and i'm just going to anticipate your next question to say